- Spot On Chain revealed that whales accumulated DeFi tokens – UNI, AUCTION, and MKR today.
- The AUCTION token price surged 25% today, while UNI and MKR recorded slight improvements in their market prices.
The crypto market is showing no significant gains today. The price drop triggered by global trade tensions and macroeconomic conditions is still having an effect on the market. While Bitcoin couldn’t climb past $83K, altcoins are also recording dull market performance. Meanwhile, a few tokens are witnessing price gains, such as BNX, CAKE, OKB, and BERA.
Top on-chain tracking platform Spot On Chain reported significant whale accumulation of DeFi tokens today. One whale, “0xace,” accumulated 374,333 UNI worth $2.3 million and 1,735 MKR tokens worth $2.06 million.
It also spotted another newly created wallet that invested heavily in the AUCTION token. Whale “0xEc1” withdrew around 500,000 AUCTION tokens worth $13.9 million over the last 3 days. Furthermore, Spot On Chain also suspected that this whale is linked to an entity of four whales. These whales hold around 26.2% of the total AUCTION supply combined, and their investments hold $32.9 million (+87%) unrealized profit at present.
Is DeFi Token Boom Ahead?
The crypto market bull run lasted for a short while at the end of 2024, and there are no signs of it at present. Meanwhile, AltSeason has also been delayed as there are no significant altcoin price gains. The heavy whale investment in DeFi tokens hints at the possibility of a DeFi token boom in the coming weeks.
Spot On Chain whale accumulation finding is opening doors to new speculations regarding DeFi tokens. Among the aforementioned three tokens, the AUCTION token price recorded a considerable surge of 25% in the last 24 hours. The other two top DeFi tokens, UNI and MKR, didn’t witness any considerable price surge in the last 24 hours.
The DeFi token market cap is down 1.05%, whereas trading volume increased by 35%. However, the overall market sentiment is negative, and the crypto fear and greed index records 22. The DeFi token boom is only possible once the overall crypto market recovers with positive market sentiment.
